Home Forex News Nigeria’s I&E Forex Window Brings in $18.7 Billion in Just Seven Months...

Nigeria’s I&E Forex Window Brings in $18.7 Billion in Just Seven Months So Far

For almost all developing nations, foreign investment is regarded as the best ticket to economic growth, and for investors, placing bets on emerging economies is universally regarded as the best way to generate hefty returns. As far as economic prospects in Africa are concerned, then no other nation quite comes close to Nigeria, because of the country’s oil reserves and mineral deposits. It can prove to be one of the most attractive investments for investors from all over the globe. Although millions of dollars have flooded into the country’s economy over the years, Nigeria made another concerted effort to attract even more foreign investment by establishing the Investors and Exporters (I&E) Foreign Exchange window.

While many thought that it was going to end up being a success, no one really thought that it would end up attracting as much as $18.7 billion in just seven months since it was first launched. It not only shows that the initiative is an unqualified success but also demonstrates the fact that Nigeria remains one of the most attractive investment opportunities for global investors. Although it is true that no official figures have been revealed, the figure was published by a study that had been conducted by research analysts at the Coronation Merchant Bank.

The function of the I&E Forex window has proven to be a huge benefit for foreign investors and exporters. Godwin Emefiele, who is the head of the Coronation Merchant Bank, stated that the goal of the exchange was to allow exporters and investors to buy and sell foreign exchange at the current rates. The report states that as much as 65.40% of the inflows into the exchange have come in from overseas sources. However, Emefiele stated that he is hopeful that the exchange will also attract substantial inflows from domestic investors in the near future. He said, “In this regard, the Federal Government budgets were readjusted to adequately address priority infrastructure needs that would support improved investments by the private sector. This was complemented by various Presidential initiatives on improving the ease of doing business in Nigeria, dismantling regulatory bottlenecks, enhancing competitiveness and industrialization.”

Robert Hill
Robert Hill
Robert a Crypto writer and an expert in delivering content with both informative and entertaining approaches. He has 4 years of experience working as a crypto writer with our team. You can interact with him by email: robert@forexnews.world.

Must Read

Is Zcash Still a Better Option Than Monero and Dash?

Transaction data of most cryptocurrencies like Bitcoin are distributed on a public ledger that anyone can view. It is the rising concern over the...

Coinbase App vs. Coinbase Wallet App – A Comparative Study

Coinbase is one of the leading cryptocurrency exchanges globally and is a decentralized exchange platform for Bitcoin and various other top cryptocurrencies. Some has...

Litecoin Mining: Know About How to Guide

Introduction: How to mine Litecoin Litecoin (LTC) is one of the earliest digital currencies designed by former Google engineer Charlie Lee in October 2011. Litecoin...

Understanding Crypto Trading: A Guide for Newbies

With 24 hours trading volumes that average around $50 billion or even more and cross over $100 billion, the cryptocurrency market has grown significantly...

Views of Chamath Palihapitiya on Bitcoin

A lot of factors drive the world of cryptocurrency and blockchain technology, and one of the most sophisticated factors that we are going to...